A source with direct knowledge of the issue said the offering was expected in the second quarter, probably in April, IFR, a Thomson Reuters publication, said.

However, whether the two listings would happen simultaneously will depend entirely on the country's securities regulator, which has been maintaining a tight grip on supply on concerns over the health of the stock market, it added.

More than 800 Chinese companies are seeking approvals to list on the Shanghai or Shenzhen exchanges, aiming to raise an estimated 500 billion yuan ($80.25 billion) in total, Ernst & Young said last month. Some companies may need to wait up to five years to launch a domestic IPO, which would prompt some to turn to Hong Kong, the accountancy firm said.

Officials at Galaxy Securities were not immediately available for comment.

Beijing-based Galaxy Securities, founded in 2007, is controlled by central Huijin, a unit of China's sovereign wealth fund.

Proceeds from the IPO will be used to replenish the company's capital, and the amount of money to be raised in each market will depend on market conditions, a source told Reuters in October.

Chinese securities firms are suffering from a sluggish market that has put many investors on the sidelines, hurting trading commission incomes -- their main source of revenue.

Many brokerages are eager to raise funds from the capital market to strengthen their balance sheets and invest in new businesses. Guotai Junan Securities Co is also preparing for an IPO. <CN/IPO> ($1 = 6.2303 Chinese yuan)